37.2-1027 - Surrender of incapacitated person's estate. - Virginia Statutes

§ 37.2-1027. Surrender of incapacitated person's estate.

The fiduciary shall surrender the incapacitated person's estate or thatportion for which he is accountable to the incapacitated person, if theincapacitated person is restored to capacity.

If the incapacitated person dies prior to the restoration, the fiduciaryshall surrender the real estate to the incapacitated person's heirs ordevisees and the personal estate to his executors or administrators. If, uponthe death of the incapacitated person, (i) the value of the personal estatein the custody of the fiduciary is $15,000 or less, (ii) a personalrepresentative has not qualified within 60 days of the incapacitated person'sdeath, and (iii) the fiduciary does not anticipate that anyone will qualify,the fiduciary may pay the balance of the incapacitated person's estate to theincapacitated person's surviving spouse or, if there is no surviving spouse,to the distributees of the incapacitated person or other persons entitledthereto, including any person or entity entitled to payment for funeral orburial services provided. The distribution shall be noted in the fiduciary'sfinal accounting submitted to the Commissioner of Accounts.

(Code 1950, § 37-151; 1968, c. 477, § 37.1-144; 1995, c. 344; 1997, c. 921;2003, c. 195; 2005, c. 716.)